Credit Support Agreements are essential financial instruments used to mitigate credit risk in various financial transactions. This Credit Support Agreement template is specifically designed for use in India, incorporating requirements under Indian financial regulations and banking laws. It is typically used in conjunction with primary trading or lending relationships where parties need to manage counterparty credit risk through collateral arrangements. The document includes comprehensive provisions for calculating exposure, managing collateral, and enforcing security interests in accordance with Indian law. It becomes particularly relevant in derivatives trading, lending arrangements, and other financial transactions where credit risk needs to be actively managed. The agreement must comply with various Indian regulations, including RBI guidelines, FEMA regulations (for cross-border arrangements), and the SARFAESI Act for enforcement mechanisms.
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1. Parties: Identification of the credit support provider and receiver, including their legal status and registered addresses
2. Background: Context of the agreement, reference to primary obligations or master agreement, and purpose of the credit support arrangement
3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and references to market standard definitions (e.g., ISDA definitions if applicable)
4. Credit Support Obligations: Core obligations regarding posting of credit support, including timing, calculation of amounts, and delivery mechanisms
5. Valuation and Calculations: Methods for valuing collateral, calculating exposure, and determining credit support amounts
6. Transfer Timing and Conditions: Specific requirements and timeframes for transferring credit support, including delivery methods
7. Representations and Warranties: Standard and specific representations regarding capacity, authority, and ownership of collateral
8. Custody and Rights: Arrangements for holding collateral, voting rights, and income/distribution rights
9. Events of Default: Circumstances constituting default and consequences thereof
10. Dispute Resolution: Procedures for resolving disputes regarding valuations or obligations
11. Termination: Circumstances and procedures for termination and final settlement
12. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction details
1. Multiple Currency Provisions: Required when credit support can be provided in multiple currencies, including exchange rate mechanisms
2. Interest Provisions: Required when interest is to be paid on cash collateral
3. Eligible Credit Support: Detailed section needed when specific types of collateral are acceptable/unacceptable
4. Substitution Rights: Include when parties have rights to substitute one form of credit support for another
5. Tax Provisions: Required when tax implications need specific handling, especially for cross-border arrangements
6. Third Party Rights: Needed when third party custodians or guarantors are involved
7. Special Conditions for Securities: Required when securities are used as credit support, including corporate action provisions
1. Schedule 1 - Eligible Credit Support: Detailed list of acceptable forms of credit support and their respective valuation percentages
2. Schedule 2 - Valuation Procedures: Detailed procedures for valuing different types of credit support
3. Schedule 3 - Transfer Timing Matrix: Specific timing requirements for different types of transfers and circumstances
4. Schedule 4 - Contact Details: Contact information for notices, transfers, and other communications
5. Schedule 5 - Standard Forms: Template forms for notices, transfer instructions, and other standard communications
6. Appendix A - Custody Agreement: If applicable, form of custody agreement or key terms for third-party custodian
7. Appendix B - Jurisdiction Specific Requirements: Any specific requirements under Indian law affecting credit support arrangements
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